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CAN embattled Satang Holdings find a way out of its delisting predicament?
TWO DAYS AFTER BEING suspended by Bursa Malaysia Securities on July 13 for failing to submit its regularisation plan to the Securities Commission (SC), Satang Holdings Bhd appointed a new chairman and executive director Major (R) Jamaludin Hasan, 54. The company also redesignated Malim Mohamed, 39, as president from his previous position of executive director.
Both Jamaludin and Malim hold an indirect interest of 26.85% each in Satang Holdings, which provides maintenance services to the Ministry of Defence (MINDEF), through Pascal Resources Sdn Bhd.
Pascal Resources had acquired 21,481,300 (26.85%) of Satang's shares on June 26. It bought some 20,965,000 (26.21%) shares from former chairman Datuk Jamaluddin Hassan, 49, through a married deal and 515,900 shares through a crossing deal. Jamaluddin, who is a former Staff Officer of Royal Malaysian Air Force Headquarters at MINDEF, resigned from the company after he disposed off his entire stake.
The next question is: What is Pascal Resources' plan for Satang Holdings, which is now in the process of being delisted? Indications are that the new management is keen to keep Satang's listing status. The company has appealed to Bursa to grant it a three-month extension until Oct 6 to submit its regularisation plan. `The company has already started working on a more detailed regularisation plan. The company wishes to appeal to Bursa Securities against the delisting procedures,' Satang said in an announcement to Bursa on July 7.
It...